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Asian stocks began Friday with small losses as the recent recovery in equities showed signs of losing steam.

Shares opened lower in Australia and Japan and futures in China and Hong Kong pointed to a lower start for stocks there. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, erased gains and fell 0.45 percent to 10,777 as of 7:10 a.m.

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Indian Oil Corporation’s board announced share buyback and dividend. The Company will buyback 3 percent of the total equity worth Rs 4,435 crore at Rs 149 per share, a premium of 9 percent to last price and dividend of a Rs 6.75 per share aggregating to Rs 7886 crore. Record date for the buyback is set on Dec. 25.

Telecom tribunal sets aside TRAI’s tariff order of February on predatory pricing and discounted tariff. This brings relief to Bharti Airtel and Vodafone Idea as they continue to offer segmented plans. The tribunal said TRAI cannot impose penalty and has asked the telecom regulator to reconsider the provisions within six months.

Adani Enterprises’ defence arm acquired 1.3 crore shares in Alpha Design Technologies for Rs 400 crore. The target company belongs to the aerospace and defence industry which develops and manufactures defence electronics and avionics. Its major customers include Global OEM’s, Indian Armed Forces, Defence Public Sector Units and ISRO.

Capital First: NCLT approved amalgamation of Capital First and its two arms Capital First Home Finance and Capital First Securities with IDFC Bank. The company said that the scheme will be effective once the NCLT orders are filed with Registrar of Companies.

Vijaya Bank increased its MCLR by five basis points across various tenors with effect from Dec. 14. One-month MCLR at 8.3 percent and six-month MCLR at 8.7 percent.

Indian Energy Exchange’s board to meet on December 20 to consider buyback proposal.

GTL Infra said that the company is left with Rs 389 crore of operational costs due to non-occupied towers. Due to unprecedented events in telecom sector there is an urgent need of restructuring overall debt to a sustainable level in line with revised cash flows and operational expenditures. The company has received demand for debt and faces potential default.

Media Reports

Motherson Sumi in early-talks with German based Leoni over a possible merger. Deal could be worth more than $1.14 billion (Reuters)